The annual percentage rate (APR) is all of the following, except
A) a simple interest rate for borrowing money for a year.
B) it requires a complex formula to compute.
C) it includes fees such as application processing fees.
D) it allows easy comparison of financing costs among various creditors.

Question

Quizplus · Accepted Answer

The APR is a straightforward calculation that represents the annual cost of borrowing, including fees, making it easy to compare different loan offers. It does not require a complex formula to compute.

The Annual Percentage Rate (APR) Is All of the Following